On September 23, the trading price of Ripple (XRP) reached to a high figure. The price chart shows that XRP managed to push all the way up to the $0.56 benchmark.
It was quite a sight for the investors to see that the trading price of XRP had reached such a high level after a long time. It was the intraday achievement that XRP had recorded on September 23, before its price experienced the plunge.
XRP Attempts to Retest September 23 High
It seems that after almost three weeks, the investors are ready to retest the $0.56 barrier. At the time of writing, XRP is facing great resistance from the bears at $0.51. It is the overhead resistance level where buyers are facing a tough challenge from the bears.
For the bulls, the ultimate goal, for now, is to keep buying XRP and take it all the way up to $0.56. If the bulls do succeed in reaching a high value, they will need to exert extra force to sustain the increased selling pressure from the bears.
The current global situation of XRP may help it carry on with the bullish trend. This would eventually help XRP cross the $0.56 level, setting it up for a higher journey.
From there, XRP may start moving in the higher resistance zone where the bulls would face huge resistance from the sellers.
Bulls Set their Eyes for $0.66
Given the amount of support the bulls have from the market and the investors, they would be able to take XRP to a much higher level. The bulls may attempt to build up a strong rally that would help push XRP to a high of $0.60.
From there, the bulls may continue exerting a stronger buying force, forming a momentum that may continue pushing XRP further.
Even the RSI for XRP is supporting its bullish trend as it is over the midline. Despite the overall crypto downfall, XRP has many positives coming its way.
The first major positive is the highly expected victory that may be coming XRP’s way in its Ripple- SEC court dispute.
The second major positive is the constant expansion of XRP through Ripple in different parts of the world. If both positives keep bringing in promising news, XRP bulls would gain enough confidence to push XRP to a high of $0.66.
XRP’s Demise to $0.41
In the worst-case scenario, if a negative decision comes in favor of Ripple in the Ripple-SEC lawsuit, then bears would have an opportunity to exploit.
Another major negative would be the overall market trend taking over XRP and pulling its price to a low of $0.41.